Egolf Building & Loan Ass'n v. Cleaver

Citations

• 228 Pa. 60
• 77 A. 245
• 1910 Pa. LEXIS 432

Syllabus

<p>Building and loan association — Officers — Stockholders — Stock — Attachment execution.</p> <p>1. The treasurer of a building and loan association may through his counsel, who is also the solicitor of the association, issue an attachment execution against the stock of a member of the association for a private debt of his own and summon himself, as treasurer, as the garnishee.</p> <p>2. Where a member of a building and loan association does not make any appropriation of payments on his stock to the reduction of his mortgage debt to the association, and the association has made no appropriation, and the stock is attached in garnishment proceedings, the member- cannot thereafter appropriate the payment made on the stock to the reduction of his mortgage debt.</p> <p>3. A credit for the value of stock given in the praecipe for a sci. fa. sur mortgage which is afterwards discontinued, signed by the solicitor of a building and loan association and sworn to by its secretary, does not constitute an appropriation by the association of the value of the stock to the mortgage indebtedness, it not being shown that either the solicitor or the secretary had authority to give such credit or make such'an appropriation.</p>